This study is aimed at ascertaining the use of internal audit as an indispensable aid to management control in any co-operate organization or establishment, the management set standers targets and policies for the attainment of the organizational goals. But an organ to see to the general control of operations and furnish the management on deviations, varies and co-operate should exist to enable the management exert its control.
Internal Auditing within an organization reviews operations at the organization within an established policy and guidelines and provide the managers with reports, conclusion and recommendation on the result of its reviews. It is in these connection that internal audit render an unqualified assistance to the managements control.
TABLE OF CONTENTS
TABLE OF CONTENT
1.1 PURPOSE OF THE STUDY
1.2 SIGNIFICANCE OF THE STUDY
1.3 SCOPE AND LIMITATION
1.5 DEFINITION OF TERMS
2.1 LITERATURE REVIEW
2.2 DEFINITION OF INTERNAL AUDIT
2.3 FUNCTIONS OF INTERNAL AUDIT
2.4 STAGES IN INTERNAL AUDIT PLANNING
2.5 SPECIAL AREAS OF INTERNAL AUDIT CONTROL IN AN ESTABLISHMENT
2.6 IMPLICATION OF INTERNAL AUDIT IN MANAGEMENT CONTROL IN ALL ESTABLISHMENT
3.1 SUMMARY OF FINDINGS
Internal audit has been of great assistance to management.
There is need to discuss why internal audit should exist in an organization.
Internal audit is as old as civilization. It was used in ancient Egypt and the Roman Empire. The common areas of internal auditing action throughout its history have been examining, veriting and reporting.
The growth of business management has bring about the development of internal audit as a useful aid to management control. In this present day, there is a continuous increase in size of business which creates an ever widening gap between management and the actual field of operations. In this case, it is only internal auditor that provide a link throughout the whole organizations.
For as the chain of responsibility lengths, so does the responsibility grow delays, misinterpretation and misjudgments. This hinders the running of an efficient and prosperous business.
Internal auditors are those employed by the management, but they are not managers rather they serve as advisers to the management. They provide to the management all necessary information needed for the running of the business. Internal auditing is an element of managerial control and is responsible for measuring the effectiveness of such controls.
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